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Estate Settlement Without A Will

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If you do not have a Last Will and Testament you are facing intestacy and the estate settlement process determined by law. When an estate has no valid Will or other testamentary instructions the law will pick the executor, heirs and guardian.

Who Is in Charge of Settling Your Estate
If your estate does not have a Last Will and Testament, no one may know your desired choice for an estate executor. For intestacy, executors or personal representative are appointed by a court usually from those who are involved in the estate. If you want to pick the proper person to be in charge, you must state this in a properly executed testamentary document. This may include your spouse or blood relatives, but may include a friend, advisor or non-related loved one to act as your executor. The use of a Will or Living Trust will clarify your choice.
Who Inherits
Are your heirs-at-law (the intestacy list) the same people that you would like to inherit your estate? Often, with intestacy some beneficiaries are left out and others are included. If you have loved ones who are not legally related to you, such as step-children, then they may not receive any inheritance from your estate.

The law will also determine who will have custody of your minor children. If you want to name a specific guardian or heir to your estate, it is important to put it in writing in a Will.

How to Avoid Problems
The best way to have a say in the settlement of your own affairs is to create an estate plan. Whether you use a Will or a Living Trust as the primary document of your estate plan, it is important that you make your wishes known.

Creating an estate plan is only the first step. You must also keep your plan updated. Your estate planning attorney can help you add new beneficiaries, change the various assets passing to particular beneficiaries or remove them when necessary. Your estate planning attorney will also be able to help you keep your Will current with estate laws.

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